Svetové ložisko mastenca na Slovensku stále neprináša očakávaný zisk
Gemerska Poloma: Global Talc Deposit in Slovakia Still without Dividends
Gemerska Poloma: Global Talc Deposit in Slovakia Still without Dividends
Bratislava/Gemerska Poloma, June 1 (TASR) – Slovakia boasts one of the richest global deposits of talc in Gemerska Poloma (Kosice region), but it doesn’t profit from it, and a company called Eurotalc, its mining licence-holder, is constantly in the red, TASR learnt on Friday.
According to Finstat, Eurotalc recorded a loss of almost €2.5 million in 2017, due to mining investments and the lack of a suitable labour force on the market.
„Our output is swelling, although we still don’t record profits – that’s true. We’ve concluded all the key investments. What’s trammelling us now is the lack of a suitable labour force on the market. And we still need time to retrain personnel that we’ve already hired because safety for us is paramount,“ TASR was told by Robert Schmid, head of Austrian-based Schmid Industrie Holding, Eurotalc’s mother company.
Gemerska Poloma has a population of over 1,000, and Eurotalc is among the most important local employers. Eurotalc pays real estate tax and administration tax to the village, but according to Gemerska Poloma vice-mayor Ivana Antalova, the investment makes no tangible contribution towards local rural development. „In light of the environmental burden, it would be right if a portion of tax on the mined rock were paid into the local budget, as is the case in developed economies,“ said Antalova.
Wolfgang Rauball, EuroGas board of directors chair, pointed to the inefficiency of talc mining. EuroGas had a licence for talc mining until 2004, when it was rescinded. EuroGas maintains that it was stripped of the licence illegally and pursued its claim at an international arbitration court, but lost the dispute against the Slovak Republic in 2017.
„According to information from publicly accessible Eurotalc sources, the company’s cumulative loss since 2009 stands at more than €13 million. The way I understand it, the firm must be on the verge of bankruptcy. Incomes from sales of talc in 2017 equalled €1.829 million, which, when the global price of €400 per tonne is taken into account, means they mined and sold 4,500 tonnes. That’s a clear example of inefficiency and quite a poor result for a company that wanted to mine more than 100,000 tonnes annually,“ TASR was told by Rauball, who confirmed that EuroGas plans to sue Slovakia again in 2018 over the allegedly illegal withdrawal of the licence.
Eurogas lost its case in arbitration proceedings that lasted several years, as the International Centre for Settlement of Investment Disputes (ICSID) in its ruling last August accepted jurisdiction objections raised by the Slovak side. „The tribunal came to the unanimous conclusion that the plaintiff Eurogas’s (II) merger with EuroGas (I) was illegal, and so no rights that it might claim in this arbitration could have been passed on to the plaintiff EuroGas (II),“ wrote the Finance Ministry in its stance.
However, Rauball claims that this argument is no longer valid thanks to the US court’s verdict and that the arbitration isn’t over yet. A company called Belmont, which sued Slovakia along with EuroGas, made use of a clause that enabled the decision to be annulled. „A commission will then make a definitive decision as to whether the tribunal’s verdict can be annulled or not,“ said Rauball. „If the verdict is annulled, the arbitration proceedings against Slovakia will be resumed, and Belmont will continue with it. Slovakia will thus face two arbitration proceedings,“ stressed Rauball.
The arbitration proceedings at the ICSID were launched in 2014. No appeal against ICSID decisions is possible, although they can be overturned due to serious procedural flaws.